Good Monday morning traders and investors of the r/stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market stock movers & news on this Monday, August 29th, 2022-
Dow futures slide more than 200 points, building on last week’s sharp sell-off
Stock futures fell Monday as worries over rising rates and tighter monetary policy added fuel to a rout that began in the previous session.
Futures for the Dow Jones Industrial Average slid 264 points, or about 0.8%. Those for the S&P 500 and the Nasdaq 100 dropped 1% and 1.2%, respectively.
Wall Street was suffered a sharp sell-off on Friday, when Federal Reserve Chairman Jerome Powell’s short and blunt remarks in Jackson Hole, Wyoming, appeared to extinguish hopes of the central bank changing its aggressive course of rate hikes in the months ahead.
The Dow fell 1,008 points, or just over 3%, for its worst day since May. The S&P 500 and Nasdaq Composite fell 3.4% and 3.9%, respectively, for their worst days since June. The drop erased the August gains for all three averages.
“Investors again cut back on their recent Risk-On positioning, supporting our view that it is way too soon to call their recent risk appetite a more permanent stance, and now one more likely to have cost them badly,” Rick Bensignor of Bensignor Investment Strategies said in a note to clients.
Meanwhile in Europe over the weekend, European Central Bank board member Isabel Schnabel warned that central banks must continue to fight inflation — even if it tips economies into recession.
The coming week brings more Fed speeches, including Vice Chair Lael Brainard on Tuesday, before August’s nonfarm payrolls report on Friday.
STOCK FUTURES CURRENTLY:
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LAST WEEK'S MARKET MAP:
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TODAY'S MARKET MAP:
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LAST WEEK'S S&P SECTORS:
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TODAY'S S&P SECTORS:
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TODAY'S ECONOMIC CALENDAR:
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THIS WEEK'S ECONOMIC CALENDAR:
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THIS WEEK'S UPCOMING IPO'S:
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THIS WEEK'S EARNINGS CALENDAR:
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THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
(N/A.)
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EARNINGS RELEASES BEFORE THE OPEN TODAY:
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EARNINGS RELEASES AFTER THE CLOSE TODAY:
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FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
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FRIDAY'S INSIDER TRADING FILINGS:
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TODAY'S DIVIDEND CALENDAR:
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THIS MORNING'S STOCK NEWS MOVERS:
(source: cnbc.com)
Catalent (CTLT) – The drug delivery and manufacturing technology company beat bottom line estimates for its latest quarter. However, its revenue was short of Wall Street forecasts, as was its full-year revenue outlook. Its stock slid 5.7% in the premarket.
STOCK SYMBOLS: CTLT
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Pinduoduo (PDD) – The China-based e-commerce company’s stock rallied 13.6% in the premarket following better-than-expected quarterly results. The company said its performance was boosted by a recovery in consumer sentiment.
STOCK SYMBOLS: PDD
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Netflix (NFLX) – Netflix is mulling a $7 to $9 monthly price for its soon-to-debut ad-supported service, according to a Bloomberg report. That compares with the $15.49 price for the company’s most popular current ad-free plan. Netflix fell 1.3% in premarket trading.
STOCK SYMBOLS: NFLX
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Walmart (WMT) – Walmart is offering to buy the 47% of South African retailer Massmart that it doesn’t already own for $377.6 million. That values Massmart at 53% above Friday’s close.
STOCK SYMBOLS: WMT
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Moderna (MRNA) – Swiss officials gave their approval to the latest version of Moderna’s Covid-19 vaccine, which contains both the original vaccine compound and one that targets the omicron variant.
STOCK SYMBOLS: MRNA
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Etsy (ETSY) – Etsy will require U.S. sellers using the online platform to either self-verify their bank accounts or provide fintech platform Plaid with their user name and password for those accounts. Reuters reports the move is causing pushback from sellers, some of whom are considering leaving Etsy. Etsy fell 1.1% in premarket action.
STOCK SYMBOLS: ETSY
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Dell Technologies (DELL) – The computer products and services company has ceased all operations in Russia after suspending sales in Russia and Ukraine in February. Dell lost 1% in premarket trading.
STOCK SYMBOLS: DELL
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Dow Inc. (DOW) – The chemical maker’s stock fell 2.8% in the premarket after KeyBanc downgraded it to “underweight” from “sector weight.” KeyBanc said it expects Dow’s margins and earnings this quarter to approach trough or recession levels.
STOCK SYMBOLS: DOW
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FULL DISCLOSURE:
/u/bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk.
DISCUSS!
What's on everyone's radar for today's trading day ahead here at r/stocks?
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